SHANGHAI :
Ping An Insurance Buys USD658 Million Shares for Stock Incentive Schemes
Liao Shumin
DATE:  Mar 02 2020
/ SOURCE:  yicai
Ping An Insurance Buys USD658 Million Shares for Stock Incentive Schemes Ping An Insurance Buys USD658 Million Shares for Stock Incentive Schemes

(Yicai Global) March 2 -- Ping An Insurance Group has bought CNY4.6 billion (USD658 million) of its mainland-listed shares for its 2020 stock incentive program and long-term service plan.

The Shenzhen-based insurer, whose 2020 employee shareholding plan has 1,522 voluntary participants, bought nearly 8 million shares in the secondary market between Feb. 24 and Feb. 27 at an average price of about CNY80.17 (USD11.46), it said in a statement yesterday.

The firm's stock [SHA:601318] closed down 2.6 percent at CNY77.72 on Feb. 28, but was up 3.1 percent at CNY80.15 when the Shanghai bourse closed for lunch today.

Ping An also bought nearly 50 million shares between Feb. 24 and Feb. 28 at CNY80.15 apiece for its 2020 long-term service plan, which has 32,022 participants.

Chairman Ma Mingzhe, Vice Chairman Ren Huichuan and Chief Financial Officer Yao Bo are among the members of the plans. The new shares will be locked up until March 1, 2021, and were bought from plan holders' legal income and performance awards, according to the statement.

Editor: James Boynton

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Keywords:   Ping An Insurance Group,stock incentive program